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Murphy Oil Slips To Loss In Q1

Murphy Oil Corp. (MUR) reported that its first-quarter net loss attributable to the company was $416.10 million or $2.71 per share, compared to net income of $40.18 million or $0.23 per share in the prior year.

Adjusted net loss from continuing operations attributable to the company was $45.7 million or $0.30 per share compared to net income of $26.5 million or $0.15 per share in the prior year.

The adjusted loss from continuing operations excluded a $693 million non-cash impairment of certain Gulf of Mexico and other foreign properties, a $283 million mark-to-market non-cash gain on crude oil derivatives and a $47 million mark-to-market non-cash gain on liabilities associated with future contingent consideration.

Total revenues and other income grew to $1.00 billion from $630.55 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.46 per share and revenues of $618.43 million for the quarter. Analysts' estimates typically exclude special items.

For the month of April 2020, production averaged about 179 MBOEPD, while approximately 7 MBOEPD was not produced due to curtailments and shut-ins primarily onshore.

The company anticipates about 40 MBOEPD of production shut-ins and curtailments for the month of May, with the majority planned from offshore wells.
Murphy has reduced its capital allocation to about $335 million for its offshore assets, with 94 percent planned for the Gulf of Mexico and the remaining six percent for Canada offshore.

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